A new survey by the National Association for Business Economics (NABE) shows that 72% of economists surveyed expect the next U.S. recession to begin in mid-2023. The survey also showed that 73% of economists said they were “not at all confident” or “not very confident” that the Fed said it would reduce inflation to 2% within the next two years without causing a recession, compared with only 13% of economists. Households said they were “confident” or “very confident” that the Fed could achieve this goal.
In addition, according to the National Institute of Economic Research (NBER), 19% of economists said the U.S. economy is already in recession, and only 20% of economists expect the U.S. recession will not begin before the second half of 2023.
During the Asian session on Monday morning, the spot gold price once maintained a narrow range of short-term 1744-1748, and in the afternoon, the gold price fell further and stabilized in a short-term 1742 narrow range. During the European session, the gold price expanded its intra-day decline and fell again. Before and after the opening of the US session, the gold price maintained its downward trend and fell to the 1727 line and then fluctuated higher. During the U.S. session, the gold price expanded to the highest intra-day rebound and reached the 1739 line, and then closed at the 1735 line in shock.
There is still a strong demand for correction in the short-term continuous decline of the gold price. The current fluctuation of the gold price does not reflect the obvious unilateral upward continuation kinetic energy. Pay attention to the effectiveness of the technical indicators pressure level and step back, and cautiously maintain the operation idea of ​​​​the bearish range.
According to the gold market center of Jintou.com, at 10:54 Beijing time, the spot price of gold today was temporarily reported at US$1,738.03 per ounce.